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New York Department of Financial Services proposes increased cybersecurity defenses
Posted Date: Wednesday, November 11, 2015
In a letter to members of the Financial and Banking Information Infrastructure Committee, New York’s Acting Superintendent of Financial Services Anthony Albanese outlined potential new regulations designed to increase cybersecurity defenses within the financial sector. Among other things, it would require financial institutions to manage the third-part service providers. Read on for more details.
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Lender sues attorney, title company after discovery of prior lien
Posted Date: Tuesday, August 18, 2015
Prior to closing a loan on property in Tennessee, the lender received a title commitment requiring a prior lien to be released or subordinated. The attorney conducting the closing assured the lender the matter was taken care of, and the bank proceeded with closing. When the borrower defaulted, the bank discovered the prior lien was not released or subordinated and sued the closing attorney and the title company that issued its title policy. Read on for more details.
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Lender sues title insurer over diminution of value
Posted Date: Tuesday, August 18, 2015
A lender sued its title insurer for negligence and negligent misrepresentation, arguing that the title insurer was responsible for the diminution of value caused by the length of litigation the title company defended the lender against. Read on for more details.
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Developer disputes indemnity of mechanic’s lien foreclosure
Posted Date: Thursday, August 20, 2015
When issuing lender’s title insurance on a construction loan for property in Palm Springs, Calif., the title insurer requested the developer/borrower to indemnify it against mechanic’s liens placed on the property. Later, the developer refused to indemnify mechanic’s lien foreclosure actions the insurer was defending on the lender’s behalf. Read on to find out what happened when the title insurer sued the developer for express indemnity and breach of contract.
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FFIEC warns of increase of extortion in cyberattacks
Posted Date: Wednesday, November 4, 2015
The Federal Financial Institutions Examination Council members issued a statement alerting financial institutions to the increasing frequency and severity of cyberattacks involving extortion.
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PRIA Board approves TRID paper
Posted Date: Monday, November 9, 2015
The Board of Directors of the Property Records Industry Association (PRIA) has given final approval to the TRID Informational Paper produced by the TRID Education Work Group, under the direction of the Business Processes and Procedures Committee. It explains how recorders can engage with their industry partners under the new regulations.
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Miami Beach man sentenced for $5.6 million mortgage fraud scheme
Posted Date: Monday, November 9, 2015
A Miami Beach man was sentenced to time in prison and ordered to pay $4.18 million in restitution for a wire fraud and money laundering scheme. He lent homebuyers money, then had them send a 10 percent deposit to a third-party escrow company. He used the money to pay for Rolls Royces, a penthouse condominium and extensive hotel stays. Read on for more details.
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Manhattan attorney indicted for stealing $4.4 million
Posted Date: Wednesday, November 4, 2015
A real estate attorney who worked in Manhattan was indicted for allegedly stealing more than $4.4 million from six of his clients’ real estate proceeds. He was disbarred earlier this year from the practice of law because of complaints made by clients. Read on for more details.
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New Jersey woman, parents found guilty of equity skimming
Posted Date: Wednesday, November 4, 2015
A federal jury returned guilty verdicts against a Cherry Hill, N.J., woman and her parents for a mortgage fraud scheme that stripped the equity from the homes of desperate homeowners facing foreclosure. Read on for more details.
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TRID Exclusive series, Part 4: Real-world solutions, some easier than others
Posted Date: Friday, November 6, 2015
In the nearly two years between the finalizing of the TILA-RESPA Integrated Disclosure rule and its implementation, theories about what might happen with the new forms abounded. But without a chance to use the forms before Oct. 3, that’s all they were – theories. One month into using the forms, there are areas that have created confusion among lenders and settlement providers, and plans that might have been in place before Oct. 3 have not always been carried out as expected. Read on for the details.
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State Bar of Texas urges notaries to replace seals
Posted Date: Wednesday, November 11, 2015
The Real Estate, Probate and Trust Law Section of the State Bar of Texas sent a notice to all Texas notaries, urging them to replace their seals now. On Jan. 1, 2016, a new law will go into effect that will require the Secretary of State to issue identifying numbers to notaries who apply for a commission or a reappointment after the beginning of the year. While the intent of the law is clear, there is concern that third-parties may challenge the validity of an acknowledgment performed by a notary without the identifying number. Read on for more details.
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Real estate developer sentenced for $8.2 million title insurance fraud
Posted Date: Monday, November 9, 2015
A real estate developer was sentenced for his role in an $8.2 million title insurance fraud. He and the owner of a title agency in Grand Rapids, Mich., conspired to divert real estate closing proceeds. They failed to disclose prior liens from lenders who provided him construction loans. Read on for more details.
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Giving thanks
Posted Date: Monday, November 23, 2015
We are entering one of my favorite times of year. Starting on Thanksgiving, we have more than a month of beautiful decorations, traditions, get-togethers and delicious foods you only have this time of year. Although I enjoy all of those things, what I love most about the season is that it is a time to reflect and give thanks for all the good things that have happened during the year. What are you thankful for as we enter this time of giving thanks?
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Differing perspectives on recording issues, solutions
Posted Date: Monday, November 23, 2015
Recording fees are one important government fee that industry has no control over. It may be small, but it could have a significant impact on a transaction. This has been the case for a long time, but even moreso in the new TILA-RESPA Integrated Disclosure (TRID) rule world we live in today.
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Homeowner files title claim, sues title insurer more than 20 years after transaction
Posted Date: Wednesday, November 11, 2015
More than 20 years after the sale of property in Rolling Hills, Calif., a man filed a title claim, and subsequently a lawsuit, against his title insurer. His friend had told him that indemnity holds were tricks to con sellers out of their money. Having more than $65,000 in an indemnity hold, he sought to get that money back. Read on for more details.
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Homeowner demands foreclosure overturned due to discrepancy in amount due
Posted Date: Wednesday, November 11, 2015
A homeowner in Illinois sought to overturn the foreclosure and sale of her property, claiming that the holder of the note and mortgage failed to comply with state law regarding affidavits of amount due, as well as discrepancies between the amount listed in the affidavit attached to the foreclosure complaint and the affidavit attached to the holder’s motion for summary judgment. Read on for more details.
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Condominium owners, escrow holders dispute breach of escrow instructions
Posted Date: Monday, November 9, 2015
The owners of condominiums in California appealed an order granting the motion of their escrow holders for judgment on the pleadings on the owners’ complaint, which seeks to state a cause of action for breach of fiduciary duty against the escrow holders. They claimed the escrow holders failed to follow the terms of their escrow instructions. Read on for more details.
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Wells Fargo reaches $81.6 million settlement with DOJ’s U.S. Trustee Program
Posted Date: Monday, November 9, 2015
Wells Fargo entered into a national settlement agreement with the Department of Justice’s U.S. Trustee Program for its repeated failure to provide homeowners with legally required notices, thereby denying homeowners the opportunity to challenge the accuracy of mortgage payment increases, violating federal bankruptcy law. Read on for more details.
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Webinar Preview: Regulatory Outlook 2016
Posted Date: Monday, November 9, 2015
The Legal Description and Dodd Frank Update will provide an in-depth 90-minute webinar educating mortgage, title and settlement services professionals on what to watch for post-TRID implementation and what to plan for heading into the New Year.
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Underwriter sues agency for missed mechanic’s liens
Posted Date: Wednesday, November 4, 2015
After paying almost $900,000 to contractors and subcontractors to ensure that its insured had first priority when it foreclosed on a condominium development, a title insurer sued the agent for not informing it that construction on the development began prior to the mortgage being given, opening it up to mechanic’s liens. Read on for more details.
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Title insurer seeks reconsideration of barred bankruptcy claim
Posted Date: Wednesday, November 4, 2015
After paying off a loan made to a couple now in bankruptcy, a title insurer filed a proof of claim, arguing that the couple had been unjustly enriched by the action. The couple argued that the claim was barred by the statute of limitations and the bankruptcy court agreed. Read on to find out what the court held on reconsideration.
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